Robots may still seem kind of like a niche industry, but the reality is much different. Over the years, companies — especially manufacturers — have invested substantial sums on robotics. In fact, back in 2012, Amazon.com, Inc. (NASDAQ:AMZN) plunked down $775 million for Kiva Systems, a top robotics manufacturer for warehouses.
No doubt, the industry represents a nice growth opportunity. Let’s face it, robotics are often cheaper than traditional labor.
But there are also powerful trends that are driving the growth. Just some include high-speed chips, sensor technologies, cloud computing and Artificial Intelligence (AI).
So how big is the opportunity? According to research from IDC, the worldwide spending on robotics is expected to more than double by 2020 to a whopping $188 billion. Indeed, there is quite a bit of room for many players to reap hefty profits.
What are some of the companies to consider now? Let’s take a look at the following tech stocks to buy: